海通國際料SOHO中國(00410.HK)估值折讓大可引其他機構提私有 或打包出售投資物業
據《彭博通訊社》昨(4日)引述消息指,黑石私有化SOHO中國(00410.HK)一事正陷入停滯階段,消息令SOHO中國昨日股價急挫26%,海通國際發表報告,認為SOHO中國昨日股價下挫26%屬過度調整,因有部分投資者將消息視為黑石目前將取消私有化SOHO中國的計劃,但該行指SOHO中國將於5月9日刊發月報,到時或會就相關傳聞作出公布。
海通國際指,SOHO中國昨日收市價2.75元,低於公司3月9日刊發潛在引入合作夥伴通告時的收市價2.98元約8%,指目前股價水平仍未反映潛在引入新投資洽談預期因素。該行認為,黑石計劃私有化SOHO中國消息可引起投資者關注,但值得留意是SOHO中國目前估值較每股資產淨值(NAV)7.89元折讓達65%,估計仍有可能引起其他機構投資者的青睞,再計劃對SOHO中國進行私有化。
該行指,假若黑石私有化SOHO中國交易停滯不前,料SOHO中國或有機會尋求以「打包」(en-bloc)方式出售旗下投資性物業,而海通國際維持對SOHO中國「買入」投資評級及目標價4.73元,此基於每股估值較NAV折讓40%。
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